Martin Lewis apologies thread

Stavros_3

I got a link to discounts at Anne Summers, now thats Veeeerrry interesting !!!

Zebra

wes88 wrote: »

Came up blank for me

I meant the Savings & Investing Forum rather than this particular thread.

People were questioning the wisdom of depositing money in Icelandic banks way back in February but were shouted down and derided as scaremongers, in much the same way as they were on Monday.

baby_boomer

MSE_Dan wrote: »

We are extremely happy, like everyone else is, that the Treasury have stepped in to cover the Icelandic government's commitments, plus guarantee cash above and beyone the £50k. it is fantastic news.

Speak for yourself.

I think it's a misuse of taxpayers' money for electoral reasons. Why should the UK step in to cover someone else's obligation? Why should money above £50K be guaranteed at IceSave and not other UK banks?

Icesave account holders, and Martin Lewis / MSE, have just got very, very lucky..

What about policyholder losses at Equitable Life where the Treasury and later the FSA didn't do their regulatory job and allowed Equitable to peddle false information to UK investors? There has been no taxpayer help there.

The high rates at IceSave and Kaupthing Edge contributed to the difficulty UK banks had in raising retail funds - which added to their problems in the credit crunch and probably contributed to the scale of the £400bn government intervention which is about on the same scale as the American scheme :eek:.

I chose not to invest in these high-paying institutions - and yet I'll have to pick up the tab in lower future savings rates [through the future contributions of UK banks to the FSCS] plus now I find I've got an extra bill on my taxes for those who wanted to push the boat out in search of the highest rates for themselves .

wes88

Yes, a big thank you all the uk taxpayers out there tonight.

Thanks very much again folks.

(I

bartsimpson

I think Martin may be regretting describing Kaupthing Edge on It Pays to Watch 2 weeks ago as the top "clean, no tricks, easy access" deal for normal savings accounts.

But hindsight is a wonderful thing.

I guess this is why the 'money minute' section has been removed from the programme as of today.

GiusCo

bartsimpson wrote: »

I think Martin may be regretting describing Kaupthing Edge on It Pays to Watch 2 weeks ago as the top "clean, no tricks, easy access" deal for normal savings accounts.

But hindsight is a wonderful thing.

I guess this is why the 'money minute' section has been removed from the programme as of today.

Well, this is a point... however, Martin is not a wizard or the Red Cross, so his advice is worthy yours and mine. People chose Icelandic because of the rate and agreed to terms and conditions, probably thinking they are a joke because risk is zero. But, we had the counterproof, risk is never zero. Vital lesson learnt for free... this time.

Lokolo

The fact is, he got slated for putting the banks at the top of the rate list. Thing I don't understand is, if its the best rate - why wouldn't you put it up? The list what a list of best rates.

Its like a list of best chocolates and not having galaxy caramel at the top. Ludicrous!

wes88

GiusCo wrote: »

Well, this is a point... however, Martin is not a wizard or the Red Cross, so his advice is worthy yours and mine. People chose Icelandic because of the rate and agreed to terms and conditions, probably thinking they are a joke because risk is zero. But, we had the counterproof, risk is never zero. Vital lesson learnt for free... this time.

Yes, but you and me dont call ourselves a "financial guru" on TV like Martin does to be fair.

He messed up and led a lot of people not to invest there but to point them there for a good deal.

(And he got paid by Ice save for doing so remember)

Lokolo

wes88.

Not meaning to sound rude but you obviously don't know what you're talking about as people who lost their money did not 'invest' their money in icesave. They saved.

Theres quite a big difference between the 2.

And to state, hes a financial guru, not a psychic.

former_student

Martins lost a lot of credibility I'm afraid, he may never recover from this.